Under the Property and Stock Agents Act 2002 (NSW), what must be included in a written agency agreement for the sale of residential property?
Correct Answer
C) The prescribed terms, such as the price estimate, commission and expenses
NSW legislation requires comprehensive disclosure in agency agreements including estimated selling price, commission structure, marketing costs, agency period, and other prescribed information to ensure transparency. This protects consumers by providing full disclosure of all material terms.
Why This Is the Correct Answer
A written NSW agency agreement for a residential sale must include all the prescribed terms, among them the agent's estimated selling price, the commission, the expenses the vendor will pay and the term. A partial list does not satisfy the Act.
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